|Elon Musk’s Aquisition of Twitter (adweek.com)|
Elon Musk, the chief executive officer (CEO) of Tesla, the electronic car manufacturer, took over Twitter at $44 billion. The Board of Twitter agreed to sell the company to Musk for $54.2 per share, which is a 38% premium over the stock price on April 1st. Bret Taylor, Twitter’s independent Board Chair, said, “The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty, and financing.” Musk also planned to make Twitter a private company by delisting it after the acquisition. He pledged to make Twitter “a digital town square where matters vital to the future of humanity are debated,” saying “free speech is the bedrock of a functioning democracy.” He specified that he would open up Twitter’s algorithm to the public and authenticate all users for the reliability of Twitter. Although he pursues the absolute freedom of speech criticizing Twitter’s regulation about discriminatory content and fake news, concerns rise because his plan can run against current laws. European Union (EU) newly imposed the Digital Services Act that forces big tech companies to regulate misinformation and illegal content. However, Musk did not mention a concrete plan about how Twitter will abide by the law while seeking freedom of speech.
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